SP Angel . Morning View . Tuesday 13 09 22Base and industrial metals rise as dollar slides on US CPI expectations and Evergrande newsMiFID II exempt information – see disclaimer below (AIM:ARCM) – Arc renews prospecting licenses in Botswana(ASX:ARV) – Drilling identifies copper/nickel mineralisation at the Chapman prospect, WA(AIM:BMN) – Strong performance at Vametco offsets slow start
SP Angel . Morning View . Tuesday 13 09 22
Base and industrial metals rise as dollar slides on US CPI expectations and Evergrande news
MiFID II exempt information – see disclaimer below
(Arc Minerals Limited (AIM:ARCM)) – Arc renews prospecting licenses in Botswana
(Artemis Resources Ltd (ASX:ARV, OTCQB:ARTTF, AIM:ARV)) – Drilling identifies copper/nickel mineralisation at the Chapman prospect, WA
(Bushveld Minerals Limited (AIM:BMN, OTC:BSHVF)) – Strong performance at Vametco offsets slow start to Kiln3 at Vanchem and ESKOM load shedding
(Keras Resources PLC (AIM:KRS)) – Diamond Creek organic phosphate mine should generate >150% margin as sales rise
(Kore Potash PLC (AIM:KP2, ASX:KP2, JSE:KP2)) – BUY, 5.0p – Interims highlight the completion of the Kola Optimisation Study
(Lithium Americas Corp (TSX:LAC, NYSE:LAC)) – US environmental group claims Thacker Pass threatens rare species of snail
(Petra Diamonds Limited (LSE:PDL, OTC:PDLMF)) – Preliminary results for year to 30th June, debt restructuring and latest diamond sales tender
(Tungsten West PLC (AIM:TUN)) – US$30m term sheet for Hemerdon reopening plan
(Vulcan Energy Resources (ASX:VUL)) – DLE demonstration plant construction works commence
Gold retains strength, silver rallies as traders position before US inflation data
Iron ore climbs higher alongside copper and other base metals as Evergrande resumes development projects
Shanghai Port prepare to halt operations as Typhoon Muifa closes in
China’s ex-coal hub plans $87bn investment into clean energy as CCP continues renewables push
Chinese markets were closed overnight for the Autumn Festival
South Korea – on holiday yesterday
US Railroad operators brace for union strikes with potential to cost US economy $2bn/day
Fed watchers are betting on interest rate rises of 0.5-0.75%. A shocking 1% rise appears to be an outlier.
Japan - Machine tool orders rose 10.7% yoy in August vs 5.5% in July
EU Natural Gas prices slide as Commission draws up emergency plan
Germany - €67bn in loan guarantees for energy firms
UK - Industrial production dipped 0.3% in July vs -0.9% in June and 1.1% yoy in July and 2.4% yoy in June
Bank holiday has been declared for next Monday for the State funeral o Queen Elizabeth II
Turkey Unemployment dipped to 10.1% in July vs 10.3% in June
India - CPI rose to 0.52% in August vs 0.46% in July vs 7% yoy in August vs 6.7% in June
Reported anger among brokers as LME set to stay open for Queen’s funeral
China aluminium hub Yunnan hit by electricity shortage
Germany – Business sentiment gauge continued to deteriorate this month amid rising inflation, energy crisis and outlook for tighter monetary policy, according to the latest ZEW Survey data.
UK – Unemployment rate dropped 0.2pp to 3.6% in the three months to July as more people dropped out of workforce.
Armenia/Azerbaijan – A sharp escalation of the conflict was reported yesterday with both sides blaming each other on provocative military activity in bordering regions.
US$1.0138/eur vs 1.0161/eur yesterday. Yen 142.35/$ vs 142.86/$. SAr 17.106/$ vs 17.148/$. $1.171/gbp vs $1.167/gbp. 0.688/aud vs 0.688/aud. CNY 6.923/$ vs 6.927/$.
US Dollar index – 108.10 / -0.21% on week
Gold US$1,724/oz vs US$1,723/oz yesterday
Gold ETFs 99.3moz vs US$99.3moz yesterday
Platinum US$907/oz vs US$897/oz yesterday
Palladium US$2,203/oz vs US$2,184/oz yesterday
Silver US$19.72/oz vs US$19.15/oz yesterday
Rhodium US$14,700/oz vs US$15,200/oz yesterday
Copper US$ 7,996/t vs US$7,954/t yesterday
Aluminium US$ 2,304/t vs US$2,307/t yesterday
Nickel US$ 24,577/t vs US$22,985/t yesterday
Zinc US$ 3,246/t vs US$3,217/t yesterday
Lead US$ 1,966/t vs US$1,934/t yesterday
Tin US$ 21,810/t vs US$21,410/t yesterday
Oil US$94.4/bbl vs US$92.3/bbl yesterday
Natural Gas US$8.400/mmbtu vs US$8.078/mmbtu yesterday
Uranium UXC US$52.70/lb vs US$52.55/lb yesterday
Iron ore 62% Fe spot (cfr Tianjin) US$102.5/t vs US$101.7/t
Chinese steel rebar 25mm US$591.9/t vs US$590.2/t
Thermal coal (1st year forward cif ARA) US$312.0/t vs US$312.0/t
Thermal coal swap Australia FOB US$425.0/t vs US$429.0/t
Coking coal swap Australia FOB US$260.0/t vs US$260.0/t
Cobalt LME 3m US$51,955/t vs US$51,955/t
NdPr Rare Earth Oxide (China) US$86,307/t vs US$86,263/t
Lithium carbonate 99% (China) US$69,695/t vs US$69,660/t
China Spodumene Li2O 5%min CIF US$5,210/t vs US$5,210/t
Ferro-Manganese European Mn78% min US$1,252/t vs US$1,255/t
China Tungsten APT 88.5% FOB US$333/t vs US$333/t
China Graphite Flake -194 FOB US$820/t vs US$820/t
Europe Vanadium Pentoxide 98% 7.3/lb vs US$7.3/lb
Europe Ferro-Vanadium 80% 31.25/kg vs US$31.25/kg
China Ilmenite Concentrate TiO2 US$330/t vs US$330/t
Spot CO2 Emissions EUA Price US$65.7/t vs US$68.3/kg
Brazil Potash CFR Granular Spot US$800.0/t vs US$800.0/t
Tesla VP – “we have access to all the battery cells we need”
(Arc Minerals Limited (AIM:ARCM)) 3.69p, Mkt Cap £42m – Arc renews prospecting licenses in Botswana
(Arc holds 72.5% of Zaco and 66% of Zamsort in Zambia. The Cheyeza license is 66% owned by Arc Minerals through its holding in Zamsort.)
(Arc holds 75% in Alvis-Crest (Proprietary) Limited which holds two licenses in the Kalahari Copper Belt, known as Virgo covering >210km2, around 10km south east the recently commissioned Khoemacau Copper in Botswana.)
*SP Angel acts as Nomad and broker to ARC Minerals
(Artemis Resources Ltd (ASX:ARV, OTCQB:ARTTF, AIM:ARV)) 2.23p, Mkt Cap £29m – Drilling identifies copper/nickel mineralisation at the Chapman prospect, WA
Conclusion: Drilling at the Chapman prospect has located copper/nickel mineralisation close to Artemis Resources’ existing Carlow Castle copper gold project. We await further news as exploration progresses.
(Bushveld Minerals Limited (AIM:BMN, OTC:BSHVF)) – 5.64p, Mkt cap £71m – Strong performance at Vametco offsets slow start to Kiln3 at Vanchem and ESKOM load shedding
*SP Angel act as nomad and broker to Bushveld
(Keras Resources PLC (AIM:KRS)) 6.5p, Mkt cap £5.4m – Diamond Creek organic phosphate mine should generate >150% margin as sales rise
(Keras holds 100% of the Diamond Creek phosphate mine in Utah, USA. Keras also holds an 85% interest in Societé General des Mines for the Nayéga manganese project in Togo)
Conclusion: Keras is earning good money from Diamond Creek with the potential to add substantially to sales through increasing tonnages and through the sale of higher value products. While Keras is not currently selling $2kg tubs at $20 a pot the sale of such products indicates further potential for value-added sales
*SP Angel acts as nomad and broker to Keras Resources
(Kore Potash PLC (AIM:KP2, ASX:KP2, JSE:KP2)) 1.1p, Mkt Cap £38m – Interims highlight the completion of the Kola Optimisation Study
Conclusion: Interims delivered little in the form of news highlighting major milestones achieved in H1/22. SEPCO is working on the EPC proposal that once delivered and agreed to by the Company should pave the way for financing discussions. The team has done well delivering a reduction in development capital spend and project delivery times as part of the latest economic study on a long life and low cost Kola Potash Project in Republic of Congo.
*SP Angel acts as nomad and broker to Kore Potash
(Lithium Americas Corp (TSX:LAC, NYSE:LAC)) $31.64, Mkt Cap C$4.3bn – US environmental group claims Thacker Pass threatens rare species of snail
(Petra Diamonds Limited (LSE:PDL, OTC:PDLMF)) 112p, Mkt Cap £204m – Preliminary results for year to 30th June, debt restructuring and latest diamond sales tender
(Tungsten West PLC (AIM:TUN)) – 29p, Mkt cap £43m – US$30m term sheet for Hemerdon reopening plan
(Vulcan Energy Resources (ASX:VUL)) A$8.7, Mkt Cap A$1.3bn – DLE demonstration plant construction works commence
No.1 in Copper : “The winner of the 2020 Fastmarkets Apex contest for copper was the team at SP Angel comprising John Meyer, Sergey Raevskiy and Simon Beardsmore, with an accuracy score of 93.8%”
No1. In Gold: “SP Angel’s trio took the top spot for the gold price prediction throughout the year, with an accuracy score of 97.59%”
The SP Angel team also ranked 1st in Palladium, 3rd in Tin and 5th in Silver in the fourth quarter of 2020
John Meyer – John.Meyer@spangel.co.uk – 0203 470 0490
Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484
Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk - 0203 470 0474
Joe Rowbottom – Joe.Rowbottom@spangel.co.uk - 0203 470 0486
Richard Parlons –Richard.Parlons@spangel.co.uk - 0203 470 0472
Abigail Wayne – Abigail.Wayne@spangel.co.uk - 0203 470 0534
Rob Rees – Rob.Rees@spangel.co.uk - 0203 470 0535
Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471
*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)
+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.
Gold, Platinum, Palladium, Silver - BGNL (Bloomberg Generic Composite rate, London)
Gold ETFs, Steel - Bloomberg
Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt - LME
Natural Gas, Uranium, Iron Ore - NYMEX
Thermal Coal - Bloomberg OTC Composite
Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite - Asian Metal
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